Planetary Resources misses fund-raising target
Capialism in space: Planetary Resources has failed to meet a recent fund-raising target.
A spokeswoman for Planetary Resources, Stacey Tearne, told GeekWire that financial challenges have forced the company to focus on leveraging the Arkyd-6 mission for near-term revenue — apparently by selling imagery and data. “Planetary Resources missed a fundraising milestone,” Tearne explained in an email. “The company remains committed to utilizing the resources from space to further explore space, but is focusing on near-term revenue streams by maximizing the opportunity of having a spacecraft in orbit.”
Tearne said no further information was available, and did not address questions about employment cutbacks. However, reports from other sources in the space community suggest there have been notable job reductions. For what it’s worth, Planetary Resources had more than 70 employees at last report.
When this company first appeared with a big splash, shouting its plans to mine asteroids, I said “Bunk, it’s going to be a smallsat telescope company for years to come, either looking at the Earth or into space.” And that is where we are. The “near-term revenue streams” hinted at above are certainly the kind of earth-observation imaging that numerous other smallsat companies are providing. Whether Planetary Resources can compete with the large number of already established smallsat earth-observation companies, however, is the big question.
Mining asteroids by commercial companies for profit makes sense, and will eventually happen. I think, however, that this company oversold its abilities when it tried to convince everything that this is what it planned to do, right away.
Capialism in space: Planetary Resources has failed to meet a recent fund-raising target.
A spokeswoman for Planetary Resources, Stacey Tearne, told GeekWire that financial challenges have forced the company to focus on leveraging the Arkyd-6 mission for near-term revenue — apparently by selling imagery and data. “Planetary Resources missed a fundraising milestone,” Tearne explained in an email. “The company remains committed to utilizing the resources from space to further explore space, but is focusing on near-term revenue streams by maximizing the opportunity of having a spacecraft in orbit.”
Tearne said no further information was available, and did not address questions about employment cutbacks. However, reports from other sources in the space community suggest there have been notable job reductions. For what it’s worth, Planetary Resources had more than 70 employees at last report.
When this company first appeared with a big splash, shouting its plans to mine asteroids, I said “Bunk, it’s going to be a smallsat telescope company for years to come, either looking at the Earth or into space.” And that is where we are. The “near-term revenue streams” hinted at above are certainly the kind of earth-observation imaging that numerous other smallsat companies are providing. Whether Planetary Resources can compete with the large number of already established smallsat earth-observation companies, however, is the big question.
Mining asteroids by commercial companies for profit makes sense, and will eventually happen. I think, however, that this company oversold its abilities when it tried to convince everything that this is what it planned to do, right away.